By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – Eversource Energy priced $1.3 billion of fixed-rate notes (Baa1/BBB+/BBB+) on Tuesday, according to FWP filings with the Securities and Exchange Commission.
The company priced $650 million of 2.9% five-year senior notes at a spread of 105 basis points over Treasuries. The notes priced at 99.902 to yield 2.921%.
The company priced $650 million of 3.375% 10-year senior notes at a spread of 145 bps over Treasuries. The notes priced at 99.797 to yield 3.399%.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are global coordinators for both tranches of notes.
Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets LLC are joint bookrunners of the 2027 notes, while Mizuho Securities USA Inc., MUFG, TD Securities (USA) LLC and Wells Fargo Securities LLC are joint bookrunners of the 2032 notes.
The proceeds of the offering are being used to repay at maturity all of Eversource’s series K notes due 2022 of which $750 million are maturing on March 15, 2022, and to repay a portion of its outstanding short-term debt, which totals about $1.5 billion as of Feb. 17.
Eversource Energy is a public utility holding company. The executive office is located in Springfield, Mass.
| Issuer: | Eversource Energy
|
| Amount: | $1.3 billion
|
| Issue: | Fixed-rate notes
|
| Global coordinators: | Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 25
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
|
|
| 2027 notes
|
| Amount: | $650 million
|
| Maturity: | March 1, 2027
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets LLC
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and WR Securities, LLC
|
| Coupon: | 2.9%
|
| Price: | 99.902
|
| Yield: | 2.921%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps until Feb. 1, 2027; thereafter at par
|
| Cusip: | 30040WAQ1
|
|
|
| 2032 notes
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| Amount: | $650 million
|
| Maturity: | March 1, 2032
|
| Bookrunners: | Mizuho Securities USA Inc., MUFG, TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Coupon: | 3.375%
|
| Price: | 99.797
|
| Yield: | 3.399%
|
| Spread: | Treasuries plus 145 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps until Dec. 1, 2031; thereafter at par
|
| Cusip: | 30040WAP3
|
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